Verition reports 5.1% KOYN stake for Verition Multi-Strategy Master Fund

Rhea-AI Filing Summary

Verition Fund Management LLC and Nicholas Maounis report a 5.1% passive stake in Digital Asset Acquisition Corp III, Ltd. They may be deemed to beneficially own 1,222,466 Class A ordinary shares as of December 31, 2025, held for Verition Multi-Strategy Master Fund Ltd.

All 1,222,466 shares are reported with shared voting and dispositive power and no sole power. The ownership percentage is based on 23,891,250 Class A ordinary shares outstanding as of November 12, 2025. Warrants are excluded because they are not exercisable within 60 days.

The filers certify the shares were acquired and are held in the ordinary course of business, without the purpose or effect of changing or influencing control of the company.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

CSLM Digital Asset Acquisition Corp III, Ltd

(Name of Issuer)

Class A ordinary shares, par value $0.0001 per share

(Title of Class of Securities)

G2584S101

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G2584S101

1

Names of Reporting Persons

Verition Fund Management LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,222,466.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,222,466.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,222,466.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.1 %

12

Type of Reporting Person (See Instructions)

IA, OO

SCHEDULE 13G

CUSIP No. G2584S101

1

Names of Reporting Persons

Maounis Nicholas Matthew

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,222,466.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,222,466.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,222,466.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.1 %

12

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: CSLM Digital Asset Acquisition Corp III, Ltd
(b)	Address of issuer's principal executive offices: 2400 E. Commercial Boulevard, Suite 900, Ft. Lauderdale, Florida, 33308
Item 2.
(a)	Name of person filing: This Statement is filed on behalf of each of the following persons: Verition Fund Management LLC and Nicholas Maounis (collectively, the "Reporting Persons"). This Statement relates to Class A ordinary shares, par value $0.0001 per share ("Class A Ordinary Shares") underlying units ("Units") held for the account of Verition Multi-Strategy Master Fund Ltd. Each Unit consists of one Class A Ordinary Share and one-half of one redeemable warrant. Each whole warrant ("Warrant") entitles the holder to purchase one Class A Ordinary Share at a price of $11.50 per share, subject to adjustment, and cannot be exercised until 30 days after the consummation of the Issuer's initial business combination. Verition Fund Management LLC serves as the investment manager to Verition Multi-Strategy Master Fund Ltd. Mr. Nicholas Maounis is the managing member of Verition Fund Management LLC. In such capacities, each of the Reporting Persons may be deemed to have voting and dispositive power over the securities held for Verition Multi-Strategy Master Fund Ltd.
(b)	Address or principal business office or, if none, residence: The principal business office of each of the Reporting Persons is One American Lane, Greenwich, CT 06831.
(c)	Citizenship: Verition Fund Management LLC is a Delaware limited liability company. Nicholas Maounis is a citizen of the United States.
(d)	Title of class of securities: Class A ordinary shares, par value $0.0001 per share
(e)	CUSIP No.: G2584S101
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: As of December 31, 2025, the number of Class A Ordinary Shares the Reporting Persons may be deemed to beneficially own equals 1,222,466 Class A Ordinary Shares held by Verition Multi-Strategy Master Fund Ltd. The amount beneficially owned by each Reporting Person excludes Class A Ordinary Shares underlying Warrants held by Verition Multi-Strategy Master Fund Ltd. that cannot be exercised until 30 days after the consummation of the Issuer's initial business combination, because the Reporting Persons do not have the right to acquire beneficial ownership of such Class A Ordinary Shares within 60 days.
(b)	Percent of class: As of December 31, 2025, the number of Class A Ordinary Shares the Reporting Persons may be deemed to beneficially own constitutes approximately 5.1% of the Class A Ordinary Shares outstanding. This percentage is based on 23,891,250 Class A Ordinary Shares outstanding as of November 12, 2025, as reported in the Issuer's quarterly report on Form 10-Q filed with the Securities and Exchange Commission on November 13, 2025.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 1,222,466
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 1,222,466
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Verition Multi-Strategy Master Fund Ltd. is known to have the right to receive dividends from, and proceeds from the sale of, the Class A Ordinary Shares covered by this Statement that may be deemed to be beneficially owned by the Reporting Persons.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See disclosure in Item 2 hereof.
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Verition Fund Management LLC

Signature:	/s/ William Anderson
Name/Title:	William Anderson, CFO
Date:	02/13/2026

Maounis Nicholas Matthew

Signature:	/s/ Nicholas Maounis
Name/Title:	Nicholas Maounis
Date:	02/13/2026

Exhibit Information

Exhibit 1: Joint Filing Agreement

FAQ

What stake in KOYN did Verition disclose on its Schedule 13G?

Verition Fund Management LLC and Nicholas Maounis disclosed beneficial ownership of 1,222,466 Class A ordinary shares of KOYN, representing approximately 5.1% of the class. The shares are held for Verition Multi-Strategy Master Fund Ltd, with shared voting and dispositive power reported.

How was Verition’s 5.1% ownership in KOYN calculated?

The 5.1% KOYN ownership is based on 1,222,466 Class A ordinary shares relative to 23,891,250 shares outstanding. The outstanding share count comes from KOYN’s Form 10-Q, which reported that figure as of November 12, 2025, providing the denominator for the percentage.

Who ultimately benefits from the KOYN shares reported by Verition?

The KOYN shares are held for Verition Multi-Strategy Master Fund Ltd, which has the right to receive dividends and sale proceeds. Verition Fund Management LLC acts as investment manager, and Nicholas Maounis is its managing member, so they may be deemed to share voting and dispositive power.

Are KOYN warrants included in Verition’s reported beneficial ownership?

KOYN warrants are excluded from Verition’s reported beneficial ownership. The filing states the Class A shares underlying warrants are not counted because the warrants cannot be exercised within 60 days, which is the SEC’s threshold for including derivative securities in beneficial ownership.

Does Verition seek to influence control of KOYN with this 5.1% position?

The filing characterizes Verition’s KOYN position as passive. The filers certify the securities were acquired and are held in the ordinary course of business, and not for the purpose or effect of changing or influencing control of the issuer or participating in related control transactions.

What voting and dispositive powers over KOYN shares did Verition report?

Verition and Nicholas Maounis reported zero sole voting or dispositive power over KOYN shares, and shared voting and dispositive power over 1,222,466 Class A ordinary shares. This structure reflects their roles regarding Verition Multi-Strategy Master Fund Ltd, which directly holds the reported securities.